Punjab Newsline | New Delhi
Gold and silver prices have witnessed a sharp decline over the past 40 days after Prime Minister Narendra Modi urged citizens to postpone non-essential spending, including gold purchases, for one year.
On May 10, the Prime Minister appealed to people to avoid unnecessary expenses, specifically advising them to delay buying gold and overseas travel to help conserve the country's foreign exchange reserves.
At the time of the appeal, 24-carat gold was priced at ₹1,53,140 per 10 grams, while silver was trading at ₹2,62,350 per kilogram.
By June 29, gold prices had fallen to ₹1,41,421 per 10 grams, marking a decline of ₹11,719 per 10 grams. Silver prices also dropped significantly to ₹2,16,541 per kilogram, down by approximately ₹42,370 per kilogram.
The sharp correction in precious metal prices comes amid the government's efforts to reduce imports and a broader sell-off in global bullion markets, contributing to the decline in domestic gold and silver rates.
